Structural Change in a Local Urban Housing Market

摘要: This paper addresses the structural change in a local urban housing market within submarket framework. There is voluminous literature examining economic structure and operation of submarkets, with much associated empirical work based on static cross-sectional studies. Analysis temporal dynamics markets has tended to be perfunctory. As such, our understanding over time remains underdeveloped. In this we construct repeat-sale indices at level deploy cointegration analysis examine stability spatially defined submarkets Glasgow between 1984 1997. Specifically, consider whether price differences have been eroded by process arbitrage operating through supply-side responses and/or migration flows. The shows that stable system persists throughout study period.